3 S Corporation Tax Strategies Explained

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Күн бұрын

If you’re like me, then you’re interested in how you can keep more of the money you make.
So get ready - here are 3 straightforward S Corporation tax strategies explained that you need to take advantage of ASAP!
I provide tax tips and resources to help you keep the most of your money from your business. So go ahead and browse the tax strategy videos I already have up and, after you subscribe, hit that bell icon so you don’t miss any future money-making tax strategies.
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Related Videos:
💰Owner Compensation Tax Strategy - bit.ly/3akZiLx
🏡 Real Estate Deprecation Tax Strategy - bit.ly/3t6jA1M
🌟 SERP IRA vs. SOLO 401k - bit.ly/3z9qmHW
*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your own attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
00:00 Introduction
00:18 What is S-Corp
01:33 What is the purpose of your S-Corp Entity?
04:13 Dividend distributions
05:44 Accountable Plan Tax-FREE Reimbursement
10:40 Kids on payroll = $12,950 deduction
13:56 Fringe benefits for S-Corp Owners...
16:02 Section 127 tuition reimbursement under CARES ACT
19:25 Tax Planning vs. Tax Preparation

Пікірлер: 295

@borismusheyevcpa Жыл бұрын

🆓 Download FREE PDF: 7 Write Offs Every S-Corporation Business Owner MUST Know bit.ly/3DPw5UZ ☎ Schedule your FREE Tax Advisory Session - www.TaxPlanningCall.com/

@user-lf1hs6jv8i 2 ай бұрын

I am setting up my company now and want to set it up right. Can you help put me on the right path.

@RayaFlora Жыл бұрын

Love the quality of your videos and the value you're providing! Thank you very much for your hard work.

@borismusheyevcpa 11 ай бұрын

I appreciate that!

@denisedade9346 Жыл бұрын

Thank you so much, I have never understood this as much as I have the way you've explained it 💯.

@borismusheyevcpa Жыл бұрын

Happy to help!

@user-sr7cv3vf2t 8 ай бұрын

I just found your channel! this is some good stuff!

@debbiebell2006 6 ай бұрын

wow! Just found you, just started a business, will definitely be following you.

@rbross3030 Жыл бұрын

Thank you. I am setting up my LLC for S Corp election right now and have many questions! Wpuld love to catch you on another stream

@michaelcreamer5020 2 жыл бұрын

Now we’re talking. Great advise!

@lunamorris2091 2 ай бұрын

Thanks for sharing such a video. Much needed. It was so convincing. Nice work.

@riodejarnett Жыл бұрын

Thanks for all the good data. There is so much to go through.

@borismusheyevcpa 11 ай бұрын

Glad it was helpful!

@akky7704 Жыл бұрын

I love this information 💯💯💯💯

@dorenestewart5084 10 ай бұрын

I just sold a property in Portland and I'm thinking of putting the cash in stocks, I know everyone is saying it's ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

@dorenestewart5084 10 ай бұрын

@AnnaSPerez-zk5eq It all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.

@dorenestewart5084 10 ай бұрын

@AnnaSPerez-zk5eq Hi, please who is the expert assisting you and how do I reach out to them?

@daniellespears4428 9 күн бұрын

Great video! New sub😊

@timsheridan2915 11 ай бұрын

Amazing value provided in this video. Thanks Boris!

@borismusheyevcpa 11 ай бұрын

Glad it was helpful!

@erasmochacon7109 11 ай бұрын

Boris, you are phenomenal!! I'm going to follow you like a lost puppy! Thanks!!

@borismusheyevcpa 11 ай бұрын

Lol thanks! We always take care of lost puppies!

@changingfashionsinc Жыл бұрын

Thank you so much. My prayers have been answered. A few years short, but never too late

@borismusheyevcpa Жыл бұрын

You are so welcome

@jamesyoung1212 5 ай бұрын

I am in the process of changing my LLC to an S Corp and I hope the CPA I hired is as on the ball as you . I appreciate your knowledge and insight

@BinLiutrianglehomes Жыл бұрын

best video! keep it coming!

@dipalshah2725 Жыл бұрын

Thanks for this useful session!

@borismusheyevcpa Жыл бұрын

Glad it was helpful!

@christyzamani7357 Жыл бұрын

This is so helpful! Breaking it down!

@borismusheyevcpa 11 ай бұрын

Glad you think so!

@bigdeez32 Жыл бұрын

As a CPA who does both tax and audit… I find your videos extremely helpful. Thanks, Boris!

@borismusheyevcpa 11 ай бұрын

Thanks Cory!

@mariabell8320 2 ай бұрын

What a brilliant video. Great advice, simple and practical.

@mattrichardson8096 Жыл бұрын

These strategies are amazing! About to hire you as my CPA :)

@peterginn8471 Жыл бұрын

This is awesome content thanks Boris! Tax Planning Yes

@borismusheyevcpa Жыл бұрын

Peter schedule your call with my team at www.taxplanningcall.com

@keeowphonxaya2338 9 ай бұрын

Thank you that is so great

@adinad22 10 ай бұрын

Excellent advice !

@rutycazar4118 Жыл бұрын

Excellent !!!!!

@CryptoQueen8888 5 ай бұрын

Omg, i should of found you years ago!! I am working on filing my raxes now

@carlosfernandes7872 Жыл бұрын

really appreciate all the info share here< Thx Boris

@borismusheyevcpa Жыл бұрын

My pleasure Carlos! Is there any topic you'd like to see me cover?

@SuntaX10 Жыл бұрын

I am glad I am near your office in Queens NY! Will visit you soon :)

@borismusheyevcpa Жыл бұрын

Ha ha only by appointment😆

@TopNaachDanceCo1 3 ай бұрын

Amazing info!!!

@renuc1019 Жыл бұрын

Thanks for the awesome video, very helpful for me. I opened by company in 2022 Feb and I am the only employee of my scorp and work from home.My CPA like you explained says cannot deduct anything. He said no to even paying kids. Is it too late to pay kids for 2022 and all these accountable plan you mentioned. I heard you can deduct for first year company opening expenses too but he says no to it too. Where is that Costco video you mentioned?

@billyhighfill Жыл бұрын

Thank you for sharing 💪

@borismusheyevcpa Жыл бұрын

My pleasure!

@MoneyandLifeTV Жыл бұрын

Great vid I’m a cpa in Modesto California and always trying to expand my knowledge and this was great. Love your energy I think you could be in the wwe

@borismusheyevcpa Жыл бұрын

Awesome I love to hear that! I'm glad you found it helpful :)

@hermanrodriguez571 6 ай бұрын

I'm also in the 209. Can we connect about tax strategy? I am currently working with an EA but haven't talked strategy. New to this! Your Time and consideration would be greatly appreciated. Thank you.

@ammaryameenmba4106 4 ай бұрын

Thanks!

@WoundGuruPT Жыл бұрын

😊 amazing!!!

@briansmith6841 10 ай бұрын

Thank you Boris

@cakesinthecity Жыл бұрын

Subscribed ✅

@blew3749 Жыл бұрын

Please do a video on the tax codes you mentioned. I think that would be very helpful to all of us that listen.

@kenpowell3557 3 ай бұрын

awesome training

@jamesrozelle100 Жыл бұрын

Great video

@milesdc1955 28 күн бұрын

Ty!!

@bryongreen1614 Жыл бұрын

great video

@sreykimsear 6 ай бұрын

Great info

@78midou 8 ай бұрын

This is next level

@njreno1 Ай бұрын

You and Mark J Kohler are my go to for tax advice

@patriciaplummer9129 Жыл бұрын

Thank you for sharing this information. Can you explain a little more and possibly show an example of how to go back and "catch up" on the health premiums through payroll so that it will appear on the W2 be able to take advantage of the tax savings? thank you!

@borismusheyevcpa 11 ай бұрын

Check out this video: kzfaq.info/get/bejne/obGmdqSmrbbWlIk.html

@hankrhule1556 Жыл бұрын

Hopefully by now we should get it the idea 💡.

@samuelrios4347 Жыл бұрын

Is buying a home with an S-corp possible? I have a HVAC contractors license in California and I’m looking into buying a home that will be also where I do lots of paperwork .

@2320MediaLLC Жыл бұрын

very good info

@borismusheyevcpa Жыл бұрын

Glad it was helpful!

@rickrolls3786 Жыл бұрын

Good content 👍

@borismusheyevcpa Жыл бұрын

Thanks Rick! Is there any topic you'd like to see more of?

@rickrolls3786 Жыл бұрын

@@borismusheyevcpa ...Thanks for asking. I'll certainly ask if something comes to mind in the future.

@hankrhule1556 Жыл бұрын

By now we shouldn't be surprised in our previous time with our parents and they're connection to life's lessons learned.

@ashleyfreck5631 2 ай бұрын

Enjoying your videos, we are starting out with a new business and want to make sure we do everything the right way, do you offer tax planning services for companies that are just starting out? Or would you be able to recommend someone who does?

@realdata8624 Ай бұрын

thanks Boris. Subsribed. Can you do a breakdown 1120s vs 1065? We have 2 1065's and do draw and distribution after income end of year, vs 1120's, where you have to have payroll and w2. pros and cons if you can do. thanks

@ArmandoMartinez-nf9ir Жыл бұрын

Great video Boris! Thank you so much! 👍 Question: if I'm a 2% S-Corp owner, I know I can't get the fringe benefit of my company paying for my health insurance, but can they reimburse me for my health insurance premiums? And if not, can I deduct this on my personal tax return?

@headlibrarian1996 11 ай бұрын

Yes and yes. Start a Health Reimbursement Arrangement by formally adopting a plan, then the plan reimburses you (after you substantiate them, so keep it formal in case of audit) for premiums and any other eligible expense. The company adds those reimbursements as non-FICA wages on your W2, and you deduct them as self-employed insurance. It is best if you are the only employee, then you can do a full section 105 HRA with unlimited reimbursements. If you have employees and no group insurance plan I would do an ICHRA, which in theory has no reimbursement limits, but if you want a high reimbursement limit for yourself you must also give it to your employees. They can then buy an ACA individual plan for themselves, which you reimburse through your HRA. If you have a group insurance plan paid by the company then your HRA can only reimburse you for the premiums you actually pay out of pocket, the company portion becomes a taxable fringe benefit to you as a 2% owner, which is clearly not ideal.

@lisarodriguez3844 Жыл бұрын

Awesome!

@borismusheyevcpa Жыл бұрын

Thanks!

@dastirogue3282 Жыл бұрын

Even with my knowledge I know I need help with my business structure

@Demonslayerdragons23 10 ай бұрын

If you work out of the home office, how much is the mortgage and utilities can you claim. Only the square footage of the area? So a percentage of the payment? Or can you do the entire aps bill, entire garbage bill? With the accountable plan. Currently we are an s corp and have the electric bill directly from th3 business account.

@jenniferparker2718 Жыл бұрын

TWO questions. so I cut trees in the woods my home is definetly my office, and the woods is where i perform my work falling trees , can I write the milleage off when i drive from my home to the woids , the location of my cutting changes .

@pduper4417 11 ай бұрын

Thankyou

@ymijohson 11 ай бұрын

Can I use Accountable Plan in other types of entities (LLC, C Corp, Partnership, etc)?

@TheIzreal316 Жыл бұрын

Is there a video for pre launch tax strategies, for new business? Particularly s-corp?

@headlibrarian1996 11 ай бұрын

Are 280A ("Augusta Rule") days accountable plan reimbursements or are those done separately?

@rockxf11 Жыл бұрын

Great video, very well explained! Where can I find or get your book?

@borismusheyevcpa 11 ай бұрын

Check it out here: www.scorptaxbook.com

@MultiVisionProductionsTampa Жыл бұрын

Good Stuff

@carlosgomez-ct6ki 2 ай бұрын

Good guy!

@sunnyg5866 Жыл бұрын

Im next! Tax planning!

@borismusheyevcpa Жыл бұрын

Hey Sunny! You can schedule a call with my team here: www.taxplanningcall.com

@KimberlyDiaz-ki7ty Жыл бұрын

Very informative wish you were my tax man

@seftalibebek3355 8 ай бұрын

Boris, great video. Can you do 1099 for our kids who worked for the business?

@bigstick8699 3 ай бұрын

Hi just came across your vid. Is there a way for a C corp to help me with my studnet loans that has acquired prior to working for that company? Much thanks

@signaltouch7413 Жыл бұрын

you are amazing

@mitzisnails9209 7 ай бұрын

About if my son went just a semester to a private university, hes currently 19, and he works full time with us. Should I wait till he is 21 to pay that student loan, with the business money? Even if he didnt finished. Or he would have to finish a career?

@majesticzen2132 Жыл бұрын

You have a great way of explaining these complex strategies very clearly. I live in NJ and want to work with you. Can I set up a call to speak with you?

@borismusheyevcpa Жыл бұрын

Yes you can speak to my team at www.taxplanningcall.com

@louisebates2575 2 жыл бұрын

# Tax Preparation #Tax Planning Lots of questions

@sillieac.g4886 3 ай бұрын

I’m sorry if I missed this in your video. But besides the fact with section 127 I’m helping my kid get some extra money for tuition, what is the personal tax savings for me as a business owner of an S-Corp to offer tuition reimbursement? How will this lower my tax liability? {I really hope my question makes sense to you and thanks in advance!}

@okonlawonsmithelbey8518 Жыл бұрын

Wow I need to hire you for my tax planning, asap

@borismusheyevcpa Жыл бұрын

Lets do it! calendly.com/tax-strategy/tax-strategy-session-yt

@user-cn8rc2od6e 5 ай бұрын

Your awesome

@mayraserrano2340 10 ай бұрын

What is the downfall of using depreciation of my home? Is it true that the depreciation percentage will be deducted from the profits when I sell my house?

@davidseaberry4433 8 ай бұрын

You got love

@jamaica74618 7 ай бұрын

Hey, i like your channel! I have a couple questions: 1) what if the s-corp doesnt make any money, how do you pay yourself? 2) If the business does make money, do you have to distribute the entire profit, or can you leave some in the business for growth and expansion?

@angietoney8238 7 ай бұрын

1. You do not have to pay payroll if you didn’t make any money; if you’re not making money, you likely elected S Corp too soon; 2. You do not have to distribute all profits.

@MP-zi6nz Жыл бұрын

Boris, when I convert from a sole proprietor LLC to an S-corp, do I have to go to the State and change my charter?

@JoshJorg44 Жыл бұрын

you should only have to file a form with the IRS. you are still an LLC but taxed as an SCorp

@danielmakin4351 5 ай бұрын

Love it ..... Go hide lock your doors and write the check...ahhahhahahha Love your videos brother.

@RhinoFamFive Ай бұрын

Can you take distributions and classify them as return of invested capital and pay no tax as its simply a return of your invested capital? Also how is your basis determined when debt is involved. For instance, I buy a 2 million dollar business. I put 400k down and finance the rest. How does the debt affect the basis?

@felixlatorre235 5 ай бұрын

I just saw this 2/27/2024. Love learning on this subject. Where can I further my learning?

@alfredohernandez7475 2 жыл бұрын

Tax Planning!!

@MattK9548 11 ай бұрын

Great stuff. You also sound like Adam Sandler. I'm sure that's not the first time you've heard that.

@borismusheyevcpa 11 ай бұрын

Actually first time! Lol

@agafit5865 6 ай бұрын

thank you love your videos i am a new b here my business call GCN, LLC but in my W-9 I choose S. Corp is this okay in your opinion please help me. thanks

@f3ndy143 4 ай бұрын

where is your office located??????

@dons1643 4 күн бұрын

Section 127 Tuition reimbursement for college loans... I guess we don't run that through payroll, just cut separate check for that - right?

@headlibrarian1996 11 ай бұрын

What's a reasonable price for preparing an 1120-S?

@Jesse-es5fg Жыл бұрын

is it easier to pay your kids through a family management company rather than paying them a w2 from your business?

@wessamhamdan6464 Жыл бұрын

What if you have a 50/50 partnership in an S corp. I work less than my partner so our pay is different. Is this allowed. I guess my question is do we both have to make the same money on the payroll ?

@PGIFilms Жыл бұрын

Bit confused on your term "50/50 partnership" and "our pay is different" and whether or not the business is an existing 1065 Partnership converting to an (1120S) S-Corp entity or if this is going to be a NEW business started up as an S-Corp. Typically, when someone says they are a 50/50 partnership it implies that each partner splits all income and expenses in half. Technically, your supposed to account for each partner's equity separately (whether cash/equipment equity or sweat/service equity) and that determines their actual split which is rarely 50/50 without putting extra effort into balancing things between what each partner does to making sure it's a true 50/50 split. This is why I'm confused when you say you have a 50/50 partnership, but have different rates of pay. As a general answer to your question, you do NOT have to make the same money on the S-Corp payroll. If you are both going to be owner-shareholders and officers of the company the "reasonable salary" paid are determine by the owners/officers operating the business. In other words if you both agree, your partner can have a larger salary than you.

@WMitchellM 7 ай бұрын

Not more than 5 percent of the amounts paid or incurred by the employer for educational assistance during the year may be provided for the class of individuals who are shareholders or owners (or their spouses or dependents), each of whom (on any day of the year) owns more than 5 percent of the stock or of the capital or profits interest in the employer.

@WMitchellM 7 ай бұрын

I just noticed that you mentioned 2% and how owners do not qualify for tuition reimbursement. In the even that you have several employees and all of them are taking tuition reimbursement, it seems like owners can also take it, but only up to 5% of the total. Maybe I'm misreading, but that's my take on the code.

@rja8318 Жыл бұрын

while waiting for the result of the election from irs, can i treat our payroll and taxes as SCORP?

@borismusheyevcpa Жыл бұрын

Yes u can!

@BiancaScaliseEmpwr Жыл бұрын

Hi there! I totally understand if you can not answer this question but i am a little desperate at this point so i will ask ❤ i hired an accounting firm, long story short many things have gone wrong. they are trying to finish my taxes for my first year as Scorp election but for 2022 i did not know i was supposed to pay myself as W2. instead of running myself through payroll i would pay myself a salary by transferring the month from my business bank account to my personal account. (4k monthly) My accountant wants to leave line 7 of form 1120-S blank and claim all my salary as owners distributions but i am concerned that is not the proper way to go about it and can put me at greater risk of an IRS audit so i have done much research and have come across a work around to file a late 1099NEC to myself to account for the salary which of of course isn't ideal but allows me to write my total amount paid in line 7 and at least shows i am trying to correct the error so my question is, is this a suitable course of action or is it better to leave line 7 blank and claim all 48,000 as owners distributions thank you for reading this ♥